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International Economics Quiz 35 (30 MCQs)

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1. Which country has an absolute advantage in rice production?
2. Which of the following best explains the terms of trade for an economy?
3. The figure illustrates the international movement of capital. When there is international movement of AB of capital in both Nations, what is the incorrect statement for Nation 1?
4. They developed the Factor proportions Theory.
5. A(n) ..... is a process of prohibiting commerce and trade with another country.
6. Exports increase, imports decrease
7. The difference between money paid to, and received from, other nations in trade is the
8. The long-run market supply curve in the presence of internal economies of scale is ....., and in the presence of external economies of scale, it is .....
9. A government order stopping trade with another country
10. Economies of Scale are the unit cost reductions associated with a small scale of output.
11. A situation in which a nation imports more goods and services than it exports.
12. International trade not helps consumers to obtain foreign goods at lower prices
13. The ability to produce a good at a lower opportunity cost than others is called a ..... advantage.
14. A floating exchange rate system is one in which:
15. Which of these does NOT apply to a free trade agreement
16. International economics studies the economic interactions between countries, including trade, investment, and financial transactions.
17. In production of a good or service exists when one individual, firm, or country has the lowest opportunity cost for producing the good or service.
18. Which generalization is the MOST accurate comparison of absolute advantage and comparative advantage?
19. The figure illustrates the international movement of capital. When there is international movement of capital in both Nations, how does the yield for Nation 2's owners of non-capital factors change?
20. A government imposed limit on the quantity of goods and services that may be imported from another country is called a?
21. When domestic currency gain its value in relation to a foreign currency in the international money market, it is a situation of:
22. Business and investors can already demand what they want from the nation-state that would advance their interests.
23. Completely bans trade with a country, usually due to political disputes.
24. A tax on goods bought from another country
25. The balance of payment is composed of the capital account, official reserve account and .....
26. How many areas did the RBI hand over to NPCI the responsibility of finding solutions in?
27. George can dust a room in 20 minutes and mop a room in 30 minutes. Ben can dust a room in 25 minutes and mop a room in 25 minutes. Who has absolute advantage in dusting?
28. When an exchange rate of a currency depreciates it means that:
29. Japan claims that the snow in Japan is different from other places. Because of this, their laws prevent skis from being imported into the country unless they meet specific standards. This is called a
30. Developing nations often maintain that industrial countries permit raw materials to be imported at very low tariff rates while maintaining high tariff rates on manufactured imports. Which of the following refers to the above statement?
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